WA Spotted & Chit Chat Thread

[Paradoxx]

Okay so novated lease (ie salary sacrifice) is a bit overrated then huh?

I'm thinking I might go and refinance the car... my payments are a bit high for the funds I need... plus if I refinance I can draw a couple of thou to complete the mods I want done (valve springs, injectors, tune) then I can leave it at that. At least with lower repayments I will be able to be a bit more comfortable. I will obviously still pay off as much as I can quickly.

I'm currently with RAC finance which gives me 8.97%pa on the car loan, is this pretty good or should I be looking elsewhere? Its a discounted rate due to rac membership and insurance through them also.

[Paradoxx]

So what do you guys think of the calendar I have set up?

PM me with any events you know of in the coming months so I can update it... like track days, pretty much anything u want to involve the forum members in

[F6 UTE]

I use Compnay Hire Purchase. Works well, but as mentioned, tax deduction..

I have a mate who salary sacrafices? Works ok for him I suppose. Anything that drops your payable tax is good.

Your cheapest option ( and I don't know your/their situation ) would be to get your parent/s to refinance your car payments onto there mortgage, if they have one, or if they have the head room. Do them a deal where you pay them a rate whereby they get benefit of the increased repayments relative to the increase on the mortgage, and you get benefitted by the lower interest rate, and much lower monthly payments.

Even get them to fix a portion of the loan ( your amount ) so your payments are fixed for 3 years. Then you have the same payment period, flexible payments options, and if something comes up, you can stick to minimum repayments for a period of time..

Like I say, don't know if this is plausable, but if the option were available to me growing up, I would have done it..

[markxr6t]

Steve - Novated Leasing your own car back would be a very effective option if you're doing over 25000kms a year. Your car's done most of its depreciating, so don't let someone else benefit from what you've endured.

Down the track, you can even fit a T56 with pre-tax dollars. I'll ring you and talk you through it. Govt employees seem to have very flexible novated lease arrangements so you can decide how much you want for it, they give you a lump sum and 7.5% interest on lease payments from pre-tax dollars.

There's no way I'd be buying $30k + cars unless I could novated lease or write off business expenses.

Unless you buy a $4k shltbox, your financial situation won't dramatically change anyway. And as Jordak said, as shallow as it sounds, our cars are part of what we are.

Mark

[Ralph Wiggum]

Steve - Novated Leasing your own car back would be a very effective option if you're doing over 25000kms a year. Your car's done most of its depreciating, so don't let someone else benefit from what you've endured.

Down the track, you can even fit a T56 with pre-tax dollars. I'll ring you and talk you through it. Govt employees seem to have very flexible novated lease arrangements so you can decide how much you want for it, they give you a lump sum and 7.5% interest on lease payments from pre-tax dollars.

There's no way I'd be buying $30k + cars unless I could novated lease or write off business expenses.

Unless you buy a $4k shltbox, your financial situation won't dramatically change anyway. And as Jordak said, as shallow as it sounds, our cars are part of what we are.

Mark

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Good advice..especially about allowing a "buffer" to cover the cost of a t56...you know how these things go Steve once you get a little bit you want a little more.

Just be mindful that when you do all your refinacing you dont loose you the gain of a lower interest rate by paying out fees to get out of your current loan and into you new one..

good luck

[Paradoxx]

That sounds pretty good Mark, I would definitely look at doing that if they will buy it off me?? I was looking at it a couple of years ago but my loan was still higher than the saleable value, so it was gonna cost me. Now I owe less than 20k on it and it's valued at 27500 dealer price.

I tried calling you back mate... I'll remember my phone next time

[Paradoxx]

Looks like you might be on to a winner there Mark... I have looked at the SmartSalary novated lease calculator, and at $20000 I am better off...

Dollar increase in Net Salary after Expenses $774.48

% of Gross Salary Packaged 6%

% increase in Net Salary after Expenses 2%

% of Gross Salary Allowed to Package 100%

At $22000 I am still better off...

Dollar increase in Net Salary after Expenses $691.48

% of Gross Salary Packaged 5%

% increase in Net Salary after Expenses 2%

% of Gross Salary Allowed to Package 100%

I need to make sure my figures are correct... I am going on my current salary which is off my payslip, my insurance which is around 750, weekly fuel bill of around 70, a bit extra for maintenence, rego at under 500 a year... anything else I havent thought of?

[Guest newl]

I'm currently with RAC finance which gives me 8.97%pa on the car loan, is this pretty good or should I be looking elsewhere? Its a discounted rate due to rac membership and insurance through them also.

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I'd say that 8.97% is pretty good. Definately lower than what I'm paying on the F6 and lower than what we got the bum dragger for.

Might have to ring RAC. I've been putting it off for awhile now.

So what do you guys think of the calendar I have set up?

PM me with any events you know of in the coming months so I can update it... like track days, pretty much anything u want to involve the forum members in

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Someone mentioned on Ford Forums (Tickford Club event) that there's a dyno shoot out in Bunbury on the 30th. Was considering going.

[markxr6t]

Looks like you might be on to a winner there Mark... I have looked at the SmartSalary novated lease calculator, and at $20000 I am better off...

Dollar increase in Net Salary after Expenses  $774.48

% of Gross Salary Packaged  6%

% increase in Net Salary after Expenses 2%

% of Gross Salary Allowed to Package 100%

At $22000 I am still better off...

Dollar increase in Net Salary after Expenses  $691.48

% of Gross Salary Packaged 5%

% increase in Net Salary after Expenses 2%

% of Gross Salary Allowed to Package 100%

Two more things:

1. Your employer will get an input tax credit for everything you've paid GST on (fuel, maintenance,T56, lease payments etc...) and that gets reimbursed to you.

2. The real "bonus" of novated leasing is that now that your car has done most of its depreciating, your payout figure (residual) will be significantly lower than the cars value.ie:

2 year lease 55% ($11000) (Car probably worth $17k plus)

3 year lease 40% ($8000) (Car probably worth $14k plus)

I need to make sure my figures are correct... I am going on my current salary which is off my payslip, my insurance which is around 750, weekly fuel bill of around 70, a bit extra for maintenence, rego at under 500 a year... anything else I havent thought of?

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Two more things:

1. Your employer will get a 10% input tax credit for everything you've paid GST on (fuel, maintenance,T56, lease payments etc...) and that gets reimbursed to you.

2. The real "bonus" of novated leasing is that now that your car has done most of its depreciating, your payout figure (residual) will be significantly lower than the cars value.ie:

2 year lease 55% ($11000 residual) (Car probably worth $17k plus)

3 year lease 40% ($8000 residual) (Car probably worth $14k plus)

This is effectively an after tax profit which further reduces your overall costs over the life of the lease.

[XtRmn8]

I just decided on keeping the car and getting a 50" plasma, instead of the 42"  

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When will you snappers learn. Plasmas are

Projector all the way

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...........I got one of them too

Nothing too flash but does the job well, 4:3 Native DLP, 1700ANSI and 2000:1 const ratio. Will have it setup in home theater with a 100inch 4:3 (90inch 16:9) screen.